Lifestyle

3 Steps to Creating a Healthy Financial Plan

As a single momma, I have had to lay the ground work for what a successful family looks like, especially with my little family. Financial planning is a huge part of this and I am so glad to have Regions Bank to help me along the way, which is why I’m so excited to share that Regions is opening up a new local branch. Their Lakeland Canada Rd branch (9850 US Highway 64) opens to the public this April, and has a Grand Opening event slated for April 21st Regions helped me to learn, if your financial plan is solid, not only will you live the life you deserve on the daily, but you will build a strong financial future for your family.

While all reviews and ideas in these writings are my own, this post has been sponsored by Regions Bank, member FDIC.

 

3 STEPS TO CREATING A FINANCIAL PLAN

 
Protect What You Love
Many people underestimate the importance of insurance. Be sure that your children are protected and taken care of in an event that you are unable to provide care. Maintain appropriate coverage for each risk you may have such as property loss or damage, death and disability. Be aware of your options! There are so many insurance plans out there. Make sure that you are getting what you need as you don’t want to pay for insurance coverage that does not suit your current situation. 
Obviously, insurance is a must, but what about the valuables? Keep your important documents and valuable items at your local bank and let your beneficiaries know how to gain access. Personally, I love the security of Regions safety deposit box services. To access your Regions safety deposit box, you will need finger print or face recognition. Talk about the ultimate level of security!

 

Set a Retirement Goal
I have IRAs set up to save towards retirement because let’s face it, who really wants to work until the day they die? It is important to set a retirement goal and specific plan. The average household spends 25 years in retirement, so you’ll want to update your plan often to reflect changes in health, taxes, income, or family circumstances. If you need the assistance of a financial planner, you can work with Regions’ Virtual Concierge , to enjoy more personalized services and advice. The concierge helps me with planning and saving for the future so that I can go about my busy days feeling secure, with one less thing to worry about.
Manage Your Debt
My rule of thumb is, do not get into more debt than all of your assets could cover. For instance, if something happens to you, could you sell everything you own and pay off all of your debt? It is so important to make sure that you can cover more than the minimum payments on your debt each month. Be sure to keep total personal debt payments (like credit card, mortgage and auto loans) to manageable levels based on your income and your budget.

I love Regions’ Video Teller Machines for keeping up with my cash and debts. I can make payments or transfers at any given time as the machines are available during extended hours. I am usually leery of depositing cash however their DepositSmart ATM technology allows for depositing cash more safely so that I can get funds in after hours and get bills payed when they are due!

As I mentioned before, I have learned all of my financial planning and goal setting from my local Regions bank. Did you know that they operate about 1,899 branches in the south, Midwest, and Texas? Lucky for me, and everyone who lives in Memphis, Regions will be offering more of its award winning services through an expansion in our community reaching a total of 39 locations by the end of 2018.

Check out their Social Media:


HAPPY PLANNING… and BANKING!

 

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6 Comments

  • Reply
    aclassyfashionista
    April 13, 2018 at 1:54 pm

    These are such great tips! My hubby and I are in the process of revamping our savings plan as we're prepping to buy a house. Managing college loans and saving as much as we can is our first priority!

  • Reply
    Beth Shankle Anderson
    April 13, 2018 at 1:54 pm

    Fantastic tips especially about planning for the future. Financial soundness is the most important thing for which we can plan!

    Beth || http://www.TheStyleBouquet.com

  • Reply
    Living the Sweet Wife
    April 13, 2018 at 1:54 pm

    It's so important to have solid financial goals and plans to achieve them! It helps you with the little financial decisions along the way!

  • Reply
    Lisa | amerytina.com
    April 13, 2018 at 1:54 pm

    This is such great timing for me – we are in the process of downsizing and relocating, so managing our income and debt has been a priority. We are looking to change banks, so I'm looking forward to reading up a little more about Regions bank.

  • Reply
    Truly Madly Sassy
    April 13, 2018 at 1:54 pm

    A budget is so important and planning for the future is as well because sometimes, plans change and things don't work out. I love posts like this because they're always chock-full of valuable, relevant information. Thanks for posting!

  • Reply
    Cara Owens
    April 13, 2018 at 1:54 pm

    These are great tips! Once you have a family it's so important to make sure you have a plan for any unexpected circumstances.

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